Affordable living and retail opportunities in Cape Town
Construction is set to begin in October with Golden Acre's redevelopment.
Image: Armand Hough/ Independent Newspapers.
With Construction set to begin in October, following its successful acquisition of the Golden Acre complex, local property developers Gary Moore and Roelof Delport, Putirex (Pty) Ltd, has embarked on a monumental redevelopment project.
Confirmed by the Competition Commission in February this year, the sale of the Golden Acre complex including the prominent 11 Adderley Street building, was valued at R 781 500 000.
Dating back to the late 1970s, the ambitious redevelopment plan encompasses 65,000 m² of retail and office space alongside 800 parking bays, all set for a comprehensive overhaul.
Architectural and engineering designs kicked off in mid-2024, positioning the 24-storey office tower as a source of affordable inner-city residential rental accommodation.
This newly envisioned space will include a 6 000 m² communal garden and a lifestyle clubhouse atop the existing parking garage, alongside modern renovations to enhance the retail offerings.
Lesego Majatladi, Director of Gracht Asset Managers (Pty) Ltd, the firm entrusted with overseeing the redevelopment's integration with ongoing city initiatives said: "We are thrilled to be part of this transformative project."
With construction anticipated to begin in early October and scheduled for completion by early 2027, the digital landscape of Cape Town’s Central Business District (CBD) is on the brink of significant change.
Mayor Geordin Hill-Lewis expressed enthusiasm about the project, calling it an exciting development that aligns with the city’s overarching revitalisation strategies.
“It will significantly enhance the inner city, joining other large-scale initiatives aimed at boosting urban life,” he stated.
This redevelopment will transform the office tower into 414 affordable semi-serviced residential units, featuring a mix of studios, one-bedroom, and two-bedroom apartments. These units will be priced approximately 30% below current market rates, specifically targeting young professionals who work in the city but currently commute from distant suburbs.
Local ward councillor Ian McMahon highlighted the importance of these new rental opportunities, noting the persistent demand for affordable urban living in well-located areas.
“This redevelopment presents a unique opportunity to unlock much-needed rental options in this vibrant city node,” McMahon said.
The operational management of the residential units will be entrusted to Neighbourhood, a reputed property management business led by Murray Clark.
On the retail side, plans are in motion to transition from a transient, commuter-focused setup to an 18-hour retail hub catering to both residents and the broader community.
Over the next two to three years, a diverse range of retailers will be introduced to meet the demands of a newly established residential demographic that combines the needs of everyday consumers with those commuting through the centre.
Brad Armitage, Executive Creative Director of The Mission for Inner City Cape Town, also praised the plans.
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